7 Fraud Prevention Tips For Seniors

Anyone can be a victim of identity theft and fraud. However, the identity theft of seniors has increased. There was an increase in the number of seniors who were identity theft victims from 2.1M-2.6M in 2012 and 2014 respectively. This information was released by the Justice Department. This rise can be attributed to a number of reasons including: Most seniors who live on their own can forget things easily, their desire for companionship could make them trust easily and fall prey to identity theft, they can have vision problems and they might only have one caregiver.

Luckily, the government of the U.S. is implementing measures to curb the fraud targeted at seniors. In Missouri, for example, a bill was signed to help protect the elderly through letting professional finance handlers put suspicious transactions on hold. However, slowly, this bill is taking effect and showing great results. If other states do the same, identity theft targeting seniors can reduce greatly.

There are other methods that those caring for seniors can use for fraud prevention. These methods can work well, but the help of family members and other loved ones is crucial in ensuring that they are followed.

Prevent Fraud With Document Shredding

Documents containing personal information should be well protected for effective fraud prevention. At times, it is safer to get rid of something instead of keeping it safely if it would be risky in the wrong hands. Such is the case with seniors’ documents with personal information such as name, address and credit card info. Always shred receipts and other documents such as checks (both unused and used), credit offers and any personal document. Throwing the documents in a dumpster is also not safe because thieves look for anything they can find in litter bins to use against the targeted individual. Always shred receipts as soon as you are done with them.